As another Lame Cherry exclusive in matter anti matter.
When people speak of investments, the leading propaganda is a portfolio of stocks and bonds, sometime e coins, sometimes gold or silver and then some kind of property. For the poor people an IRA is suggested as it is a way for the government to store your money, and then tax you on it when you take it out when you are old. The closest thing most people get to an investment is purchasing a home.
In this investments series, I desire to explore different aspects of what is investment and for the self motivated a different way of looking at retirement, as what they never tell you is, stocks, bonds, gold, silver, e coins and property are not cash ready. It takes time to turn those assets into cash.
I will break this down to the reality for most of you. Most of you work, and the government takes out of your pay, social security and income tax. Some of you who have a secure government job, you might make 150,000 dollars and have a benefits package along with that of 150,000 dollars a year, so you are in that group which is cradel to grave and not a part of what this subject is about.
I will to return to the paycheck you work for and what is taken out in income tax and social security.
I was watching Oprah one day long ago and an investment guru said, “People need to make a business of what they enjoy, like a golfer. They just monogram some golf shirts, get a friend to buy some and that shows the IRS that you are making a profit and just like that all of your golf hobby expenses are deductable”.
This is not for everyone and requires a self starter, but everyone has something the enjoy and in most cases this enjoyment can be turned into some kind of exchange where money is involved.
If one looks at Ebay for example, you have storefronts from allot of people selling allot of things. We have friend here who do rumage sales, pick up things off the street that are left there or scrounge around in salvage yards, and resell them for money, and take business deductions for what they are doing, that comes off their IRS, and those deductions in prepay taxes which most people pay, means money back from the IRS. In other words, you buy something and when it is tax deductable, the government returns the money, so you get the item for free. This is what every business does and what everyone from Donald Trump to Warren Buffett engages in. The business becomes the “invested in things” which can later be sold.
There is a percentage for mileage, electricity, phones and even internet which are deductable when you are using them for your business. You do not have to make a million dollars. You only have to show you are trying to make some money. Small scale like rummage sales or Ebay things do not require business licenses, no more than a farmer selling eggs at the market.
I have a nephew from my older sister who married my neice. He is a pharmacist. He loves hunting and fishing though, but he started doing videos online, he does testing for products and just like that the expenses of going fishing and hunting are deductable as he is making money as a sideline.
I do not know what each of you like doing, but if you sat down and thought about it, you could figure out some way to turn a buck and take off a cost and make it an IRS refund like every business does. This is about tailoring the system which has been designed to benefit you, just like all the billionaires do.
When Bill Gates flies off to Moscow to sex whores and bring home VD to his wife, that was all tax deductable as he gave some business excuse. I’m not suggesting in the least that anyone ever scam the government. I’m just stating that allot of rich people are on vacations putting down they did business at that location.
So what I’m asking you to focus on, most people who work have a huge chunk of that paycheck each month already going to the government. That money is gone forever. This is a way to redeem that money and have the government fund your business for something you enjoy. In most cases, you place resources into that business which you would buy anyway. As example, someone might like to bake. In this they would purchase a stand mixer or new oven, which would be deductable. They might cater small events, bake cookies or cook for a funeral for a Church where word of mouth their business spreads. Just like that a percent comes off your gasoline bill in where you drive, you might be successful and purchase a new mini van which is all deductable usually on a depreciation schedule, you do this well enough, you might find out, that you actually have a profitable home business that someone might want to buy, and what you started out with was tax deductions might be a sum which has you funding your own retirement.
The essence is the business, the assets of the business are where you have invested or the government deductions invested, instead of the stock market or gold. Your return was greater and you enjoyed yourself doing it.
This is not for everyone. If you like sitting on your ass, being cradle to grave things decided for you, have zero people skills, and no work ethic, then you are better off in the system as this requires work. People wonder where I have the time to do all that gets done here, even when I feel like crap and that comes from a work ethic in God. I’m not sitting here texting to other idiots on a cell phone. I do not let people wait around for a reply or not get things done that need to be done. I put in long hours, the donations suck, and it is a struggle, but in my situation I was when this started too stick to hold down a 40 hour job, did not have the money for a vehicle, so I had to find a slot where I could work at my own pace and still find some enjoyment in what I was doing.
I doubt anyone is going to by the Lame Cherry label for a business, as no on is going to work this hard, but if I was baking sympathy foods for families of people who died, that probably would sell as a business.
This is a different kind of investment strategy. It is though what the IRS was set up in regulations to support businesses and businesses utilize the deductions. For rich people this works, and if poor working people would explore the options, they would find money refunded to them in the taxes they paid, and they would still have the hard assets which, what was left over in their paycheck to buy them with.
This is something never suggested by those people who make fortunes off of taking your money and investing it in other people’s companies or the gold they sell. The reason being is they do not get a cut when you keep the money in your own business, like they do.
This is another strategy to think about.
Nuff Said
agtG
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